Examlex
Discuss what a trained dog can use scent evidence to perform.
Substitution Effect
The change in the consumption patterns of goods or services, as consumers replace pricier items with more affordable substitutes when prices change.
Income Effect
The change in an individual's or economy's income and how that change will affect the quantity demanded of a good or service.
Real Hourly Wages
The hourly wage of workers adjusted for inflation, representing the purchasing power of the income.
Real Wages
Wages adjusted for inflation, giving a true measure of the purchasing power of earned income over time.
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